Heat milk in a saucepan until steaming and small bubbles form. Stir in butter until melted. Let cool to room temperature.

Mix warm water, yeast, and 1 tablespoon sugar in a bowl. Let stand until foamy.

Add cooled milk, eggs, salt, nutmeg, and remaining sugar to the yeast mixture and whisk.

Gradually beat in flour 1 cup at a time with a dough hook until dough forms.

Knead dough on a floured surface until smooth and elastic.

Let dough rise in a lightly oiled bowl covered until doubled in size.

Divide dough in half and roll each into a rectangle.

Make the filling by combining brown sugar, pecans, flour, raisins, cinnamon, and melted butter. Mix until crumbly.

Spread filling over each rectangle and roll into logs. Shape into ovals and place on baking sheets.

Let rings rise until doubled in size.

Bake at 375°F (190°C) until golden brown, rotating trays halfway through.

Insert a plastic baby into the bottom of each warm cake.

Make glaze by mixing confectioners' sugar and water until smooth.